IXEO : revenue, balance sheet and financial ratios

In 2025, IXEO achieves revenue of 3.6 M€. Revenue is growing positively over 9 years (CAGR: +1.5%). Vs 2024, growth of +26% (2.9 M€ -> 3.6 M€). After deducting consumption (1.4 M€), gross margin stands at 2.2 M€, i.e. a rate of 62%. This ratio measures the ability to generate value from commercial activity. EBITDA (= Gross margin - Personnel expenses - Taxes) reaches 350 k€, representing 9.7% of revenue. Positive scissor effect: EBITDA margin improves by +5.8 pts, sign of improved operational efficiency. This level of operating margin is satisfactory for the sector. Ultimately, net income (= EBIT +/- financial result +/- exceptional - corporate tax) amounts to 309 k€, i.e. 8.5% of revenue. This profit can be retained or distributed to shareholders.

The debt ratio (= Financial debt / Equity x 100) stands at 19%. This very low level reflects a solid financial structure, offering significant room for future investments or acquisitions. Financial autonomy (= Equity / Total assets x 100) reaches 67%. This high autonomy means the company finances most of its assets through equity, a sign of strength. Debt repayment capacity (= Financial debt / Cash flow) indicates it would take 2.0 years of cash flow to repay all financial debt. This short period demonstrates excellent debt sustainability. Cash flow represents 8.4% of revenue. Cash flow measures resources generated by operations, available for investment and debt repayment. Satisfactory level allowing partial financing of growth.

The liquidity ratio (= Current assets / Current liabilities) stands at 448.68. Concretely, the company has €2 of liquid assets for every €1 of short-term debt: no cash risk within 12 months. The interest coverage ratio (= EBIT / Interest expenses) is 6.4x. Operating income very largely covers interest expenses: high safety margin.

Working capital requirement (WCR) measures the cash timing gap between customer collections and supplier/inventory payments. Average customer payment term: 26 days (formula: Customer receivables / Revenue incl. VAT x 360). Supplier term: 30 days. Favorable situation: supplier credit is longer than customer credit by 4 days. Inventory turnover is 26 days (= Average inventory / Cost of goods x 360). Fast turnover, sign of good inventory management. WCR is negative (-12 days): operations structurally generate cash. Over 2017-2025, WCR increased by +91%, requiring additional financing.

Based on 73 transactions of similar company sales (all years), the value of IXEO is estimated at 536 025 € (range 479 521€ - 670 248€). With an EBITDA of 350 323€, the sector multiple of 0.5x is applied. The price/revenue ratio is 0.34x (conservative valuation). This multiples method compares the actual sale price of similar companies to their financial indicators (Revenue, EBITDA, Net Income). It provides a market-based indicative estimate.
Medium reliability: estimate to be confirmed with in-depth analysis.